‘I think most people will look at that and think about a strong online retailing period in the run-up to Christmas and think that looks a bit odd,’ he added.

Royal Mail insisted that the number of parcels delivered in December was up to 115million – but could not say what the increase was compared to the previous year.

It also said delivery of ‘stamped letters’ – meaning residential post such as Christmas cards – were up in December, but again refused to say by how much.

The number of letters delivered fell by 5 per cent in the nine months to December

Shares, which floated at 330p in October, fell 12p to 576p.

When Royal Mail’s share price soared after privatisation, Business Secretary Vince Cable dismissed criticism that it had been undervalued and said a proper view could not be taken for three months.

But more than three months on and shares are still worth 75 per cent more than the Government’s sale price.

It has sparked claims that the taxpayer was shortchanged by billions of pounds in October's flotation.

Chief executive Moya Greene said: "Our
postmen and women have again delivered Christmas for the UK. We were
delighted to see that people continue to send seasonal good wishes, with
Christmas cards underpinning a like-for-like increase in our December
stamped mail volumes."

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At least someone is pleased by energy bills! Delivering news of price rises helps stem decline in Royal Mail's letter business